Stabilisation Notice

BH Macro Limited
12 April 2007


THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION DIRECTLY OR
INDIRECTLY IN OR INTO THE UNITED STATES, CANADA, JAPAN OR AUSTRALIA.

BH Macro Limited

Stabilisation Notice

Pursuant to Article 9(3) of Commission Regulation (EC) No. 2273/2003
implementing the Market Abuse Directive (2003/6/EC), and MAR2 2.3.5 (3) of the
Financial Services Authority Code of Market Conduct JPMorgan Cazenove Limited
(Greg Chamberlain; Telephone: [phone]) hereby gives notice that the
Stabilising Manager named below undertook stabilisation (within the meaning of
the rules of the Financial Services Authority) in relation to the offer of the
following securities, as set out below.

Issuer: BH Macro Limited

Securities: Ordinary shares

Description of offer: Equity Offering

Offer price: £10; €10; $10

Stabilising Manager: JPMorgan Cazenove Limited

Stabilisation period: From 9 March 2007 to 8 April 2007

Stabilisation started: 9 March 2007

Stabilisation last occurred: 5 April 2007

For each of the dates during which stabilisation transactions were carried out,
the price range was as follows:

Date                            Lowest price             Highest price

EUR tranche

No stabilisation


GBP tranche

9 March 2007                            10                     10

12 March 2007                           10                     10

14 March 2007                           9.99                   10


USD tranche

9 March 2007                            10                     10

12 March 2007                           10                     10

14 March 2007                          9.99                    10

15 March 2007                          9.99                  9.99

16 March 2007                           10                     10

23 March 2007                          9.96                    10

26 March 2007                          9.97                  9.98

27 March 2007                          9.91                  9.97

28 March 2007                          9.93                  9.97

29 March 2007                          9.94                    10

30 March 2007                          9.96                    10

02 April 2007                          9.97                    10

03 April 2007                          9.97                    10

04 April 2007                          9.99                    10

05 April 2007                          9.99                    10

This announcement is for information purposes only and does not constitute an
invitation or offer to underwrite, subscribe for or otherwise acquire or dispose
of any securities of the Issuer in any jurisdiction.

This announcement may not be distributed, directly or indirectly, in or into the
United States, Canada, Australia or Japan. This announcement does not constitute
or form part of an offer to sell or issue, or any solicitation of an offer to
buy or subscribe for, any securities referred to herein. The initial public
offering of ordinary shares in BH Macro Limited (the 'Global Offer') and the
distribution of this announcement and other information in connection with the
Global Offer in certain jurisdictions may be restricted by law and persons into
whose possession any document or other information referred to herein comes
should inform themselves about and observe any such restriction. Any failure to
comply with these restrictions may constitute a violation of the securities laws
of any such jurisdiction.

The securities mentioned herein have not been, and will not be, registered under
the U.S. Securities Act of 1933 (the 'Securities Act'), and may not be offered
or sold in the United States (as such term is defined in Regulation S under the
Securities Act) unless they are registered under the Securities Act or pursuant
to an exemption from registration. No public offer of the ordinary shares is
being made in the United States.

END



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